America's credit rating threatened by Obama

Byline2:

The aftermath of the presidential election was significant in the alignment of Wall Street with the candidacy of Barack Obama. Notably, Goldman Sachs by first giving significant sums to Obama’s campaign and then after the election brought over numerous high-level employees into the Obama fold. Also strong supporters were J.P. Morgan and Citicorp as well as major corporations such as General Electric and Bank of America. GE became a major beneficiary with GE President Jeffrey R. Immelt being appointed to major consultant positions in the Obama administration. There are pictures of Obama hugging the president of GE, showing the world their close working relationship.

General Electric meanwhile was shipping thousands of jobs overseas to their foreign offices. The support of the liberal Obama was unprecedented in the history of a Wall Street corporation. No surprise when it was found that General Electric pays no taxes. Nada!

Our president’s long-range goal is of making us just another socialist entity sucking the blood out of those who pay taxes.

The shock of venerable Standard and Poor’s downgrading our nation’s credit outlook for the first time since 1941 sent shocks worldwide tumbling and hurting seniors in their retirement portfolios. S&P sees a 33 percent chance that we will see our AAA credit rating drop within the next two years if we continue following the Obama administration’s horrific deficit spending. No wonder the Obama administration tried to get S&P not to make the announcement along with word that the U.S. Treasury plans to dump the remaining shares of GM on the market this summer with a huge loss to the taxpayers. Let’s not forget that Obama’s proposals for 2012 increase the national debt to 116 percent of gross domestic product. This while adding $2 trillion in tax increases. Obama proposals historically are extremely low compared to the following reality check.

Last week Obama spoke to the nation in the manner of Karl Marx. It was a speech meant to whip-up class divisions and one that took purely a political tone instead of a serious discussion of former and future financial problems. We were listening to an individual willing to sneer at those who dared to offer solid fundamental recommendations to start a dialogue to work toward problems that he is only capable of offering rosy platitudes that mean more of the same disastrous economic policies, if one could call them that.

During the next 18 months Obama will run the most poisonous, country-dividing campaign in our history. For a president who repeatedly said we need to be more civil in addressing one another in the political process, he has become the poster boy for his lack of civility. This gives a green light to violence from the left especially from Union workers who have gone ballistic in uncontrolled rage. Compare the way tea party members made their case in a positive manner.

Standard and Poor’s deserves credit, not blame, in making their judgment based on the president’s tirade against the notable Paul Ryan, and with a smirk deriding Ryan’s strong financial background.